Kingdom Holding said Voyager Partners Ltd., a private investment entity based in the Cayman Islands, acquired the stake for a combination of cash and other consideration, while Qatari Diar's subsidiary QD Hotel & Property Investment Ltd. would steer management contracts to Fairmont Raffles.

Kingdom said its stake in Fairmont Raffles will be reduced to 35% from 58%. Colony Capital is the third largest shareholder in Fairmont Raffles.